GEORGIA PORTS AUTHORITY REQUIRED SUPPLEMENTARY INFORMATION RETIREMENT PLAN FOR THE EMPLOYEES OF GEORGIA PORTS AUTHORITY SCHEDULE OF AUTHORITY CONTRIBUTIONS FOR THE FISCAL YEARS ENDED JUNE 30, (In Thousands) 2020 Actuarially determined contribution Contributions in relation to the actuarially determined contribution Contribution deficiency (excess) Covered payroll Contributions as a percentage of covered payroll Notes to the Schedule: (1) Actuarial Assumptions Valuation Date Cost Method Assumed Rate of Return on Investments Projected Salary Increases Post-retirement benefit increase rate Amortization Method Remaining Amortization Period (2) Actuarial Asset Valuation Method Smoothing period Recognition method Corridor $ $ $ 6,656 18,048 (11,392) $ 52,406 $ 34.4% $ 2019 3,673 10,618 (6,945) $ 54,143 $ 19.6% $ 2018 3,637 10,819 (7,182) $ 54,426 $ 19.9% $ 2017 5,918 $ 12,824 (6,906) $ 55,385 $ 23.2% 2016 5,263 $ 18,631 (13,368) $ 55,363 $ 33.7% 2015 10,559 $ 22,106 (11,547) $ 55,480 $ 39.8% 2014 10,312 30,282 (19,970) $ 56,223 53.9% $ $ 2013 9,789 29,862 (20,073) 56,249 53.1% July 1, 2018 Entry Age Normal 7.40% 3.00% 3.00% Level dollar 8 years (closed) 0 years; market value is recognized N/A N/A (3) The schedule will present 10 years of information once it is accumulated. 54
Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2020 and 2019
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